Saudi Arabia economy is expected grow by 6 pc in 2012 from 7.1 pc increase posted last year, says the International Monetary Fund in its latest annual review of the world major oil exporter and producer. The private sector will remain the driving force of Saudi economic engine, which continues to depend heavily on oil […]

“We are a coalition of 94 (members of the Knesset). This is the time to lead a diplomatic process…but if isn’t possible to reach a permanent agreement with the Palestinians, we must consider an interim arrangement or even a unilateral move”. These were the words of Ehud Barak, Israel’s Defense Minister, in a speech delivered […]

The central government of Iraq will be holding a two-day auction for the exploration of twelve blocks. Five blocks are having oil whilst the rest contain gas. The two day session which will end on Thursday is the fourth auction of oil and gas blocks since 2009. 47 companies have met the bidding requirements but […]

The non presence of military personnel in the disputed Abyei area as requested by the UN Security Council has been confirmed by the UN peacekeeping mission there after the beginning of negotiations in Addis Ababa, Ethiopia. The confirmation is welcomed as a positive move in easing the tension between Sudan and South Sudan. Before the […]

Kuwait Foreign Petroleum Exploration Corporation (KUFPEC), a state oil firm and subsidiary of Kuwait Petroleum Corporation, will be paying almost half a billion dollars to Enquest Plc, an oil and gas exploration company, for a stake in its North Sea oil field. In return, KUFPEC will benefit from a 35% interest in the Alma Galia […]

The Libyan oil industry is quickly recovering in the aftermath of the revolution that rocked the country in February 2011. Contrary to experts’ pessimistic predictions that it would take the sector years to recover, Libya is already pumping 1.5 million barrels per day (bpd) and expects to hit pre-revolution levels by next month. This month, […]

Sukuk Al-Wakkah, a Medium Term Note program has been set up by the Bahrain based Gulf International Bank (GIB) for 1.1 billion dollars. The program falls under the tactical ambitions of the country’s search to vary its funding avenues and currencies for the bank. The lead arrangers are Standard Chartered Saadiq Berhad and Malaysia’s CIMB […]

In a strategic move to curb the paperwork procedures and visa requirements for the tourists passing by or coming to the United Arab Emirates, a solution is finally forthcoming after more than 2 years of discussions according to an announcement from a senior official. A multiple entry visa is likely to come into the system […]

The presidential election commission has officially announced the results of the first presidential elections after the Mubarak regime. There were no outright winners. Mohammed Mursi of the Muslim Brotherhood and Ahmed Shafiq, the last prime minister to serve under Hosni Mubarak, will be battling it out in a runoff election after securing the highest amounts […]

With debates and talks being held over its nuclear facilities and ambitions, Iran which still remains defiant to economic sanctions from international organizations and countries against its nuclear initiative has just made a stunning revelation that it will be building another nuclear plant in the coming years. Reports emitted from the state television quoted Fereydoon […]